SEM 310 – Entrepreneurship || Already Passed.
entrepreneurship correct answers seek to understand how opportunities to create something new
arise and are discovered or created by specific individuals, who then use various means to exploit
or develop them, thus providing a wide range of effects
entrepreneurship's effects/objectives correct answers profit, social, personal
small and medium enterprises (SME) correct answers manage their own business by expecting
stable sales, profit, and growth
innovation driven entreprenures (IDE) correct answers focuses their efforts on innovation,
profitability, and sustainable growth
SME characteristics correct answers - address local and regional markets
- innovation is not necessary for SME establishments and growth, nor is competitive advantage
- non-traceable jobs (local jobs)
- family business, grows linearly
IDE characteristics correct answers - focus on global/regional markets
- company is based on some sort of innovation and potential competitive advantage
- more diverse ownership base, include external capital providers
- start by losing money, but if successful it will grow exponentially
- requires investments
small buisness correct answers feed the family or be ones own boss
high growth startups (IDE) correct answers goal is to grow quickly and generate substantial
financial returns
intrapreneurship correct answers startup inside large companies that develop new products
social venture correct answers to accomplish a social mission / create value for society
lifestyle correct answers make money as a hobby
entrepreneurial opportunities stem from correct answers - a new market for an existing
product/service
- new product/service for an existing market
- new product/service for a new market
entrepreneurs often make decisions in highly uncertain environments requiring them to correct
answers - effectuate when they ID opportunities
- learn from failure through iteration (ABLE) / engage in design thinking as they launch and
scale
- use stories to gain legitimacy for ideas that are not yet "real things"
, causal reasoning correct answers thinking of a desired outcome and then coming up with a plan
to achieve that outcome
effectual reasoning correct answers consider what a person has and then arrive at an outcome
range of possible outcomes
- allows entrepreneurs to be successful in a highly uncertain environment
ABLE correct answers ask, build, experiment, learn
design thinking correct answers process for creative problem-solving that includes
empathy/human centeredness, ideation, and experimentation
design thinking benefits correct answers - reduce the risk associated with launching new ideas
(users help create them)
- generate innovative ideas
- assist in organizational learning - better understand consumer wants
design thinking steps correct answers empathize, define, ideate, prototype, test
pitching, persuading, networking correct answers convincing others of the validity of your idea
and re-think how to build and develop your network around your vision
interests correct answers what'd you'd do if you were rich
skills correct answers - what you're above average at
- what you'd like to get better at doing
passion correct answers interests + skills
purpose correct answers passion + impacts
source of potential enterprise ideas correct answers close observation of trends
- social, technological, economic, or governmental
societal trend examples correct answers shifting demographics, COVID- related changes
technology trend examples correct answers mobile technology, e-commerce, AI
economic trends correct answers higher disposable income, dual wage-earner families,
performance pressures
governmental trends correct answers increase/decrease regulation, change in policy
more than half of all new venture ideas emerge from .... correct answers work experience
entrepreneurship correct answers seek to understand how opportunities to create something new
arise and are discovered or created by specific individuals, who then use various means to exploit
or develop them, thus providing a wide range of effects
entrepreneurship's effects/objectives correct answers profit, social, personal
small and medium enterprises (SME) correct answers manage their own business by expecting
stable sales, profit, and growth
innovation driven entreprenures (IDE) correct answers focuses their efforts on innovation,
profitability, and sustainable growth
SME characteristics correct answers - address local and regional markets
- innovation is not necessary for SME establishments and growth, nor is competitive advantage
- non-traceable jobs (local jobs)
- family business, grows linearly
IDE characteristics correct answers - focus on global/regional markets
- company is based on some sort of innovation and potential competitive advantage
- more diverse ownership base, include external capital providers
- start by losing money, but if successful it will grow exponentially
- requires investments
small buisness correct answers feed the family or be ones own boss
high growth startups (IDE) correct answers goal is to grow quickly and generate substantial
financial returns
intrapreneurship correct answers startup inside large companies that develop new products
social venture correct answers to accomplish a social mission / create value for society
lifestyle correct answers make money as a hobby
entrepreneurial opportunities stem from correct answers - a new market for an existing
product/service
- new product/service for an existing market
- new product/service for a new market
entrepreneurs often make decisions in highly uncertain environments requiring them to correct
answers - effectuate when they ID opportunities
- learn from failure through iteration (ABLE) / engage in design thinking as they launch and
scale
- use stories to gain legitimacy for ideas that are not yet "real things"
, causal reasoning correct answers thinking of a desired outcome and then coming up with a plan
to achieve that outcome
effectual reasoning correct answers consider what a person has and then arrive at an outcome
range of possible outcomes
- allows entrepreneurs to be successful in a highly uncertain environment
ABLE correct answers ask, build, experiment, learn
design thinking correct answers process for creative problem-solving that includes
empathy/human centeredness, ideation, and experimentation
design thinking benefits correct answers - reduce the risk associated with launching new ideas
(users help create them)
- generate innovative ideas
- assist in organizational learning - better understand consumer wants
design thinking steps correct answers empathize, define, ideate, prototype, test
pitching, persuading, networking correct answers convincing others of the validity of your idea
and re-think how to build and develop your network around your vision
interests correct answers what'd you'd do if you were rich
skills correct answers - what you're above average at
- what you'd like to get better at doing
passion correct answers interests + skills
purpose correct answers passion + impacts
source of potential enterprise ideas correct answers close observation of trends
- social, technological, economic, or governmental
societal trend examples correct answers shifting demographics, COVID- related changes
technology trend examples correct answers mobile technology, e-commerce, AI
economic trends correct answers higher disposable income, dual wage-earner families,
performance pressures
governmental trends correct answers increase/decrease regulation, change in policy
more than half of all new venture ideas emerge from .... correct answers work experience
